British offices start-up secure Chinese funding

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A British start-up focused on the serviced office industry has secured backing from a giant Chinese firm in a deal that values its two commercial property joint ventures at about £160m.

Office Space in Town (OSIT), which was founded six years ago by brother and sister team Niki and Giles Fuchs, has struck a deal with China’s Kailong that will see the latter invest in its two London-focused property funds, giving them greater firepower to buy more buildings in the capital.

Shanghai-based commercial property business Kailong has taken a majority stake in OSIT’s first fund – LSO I – replacing international investment firm Forum Partners and valuing the vehicle at about £90m. Kailong’s investment...